{"id":488855,"date":"2010-03-30T09:09:26","date_gmt":"2010-03-30T13:09:26","guid":{"rendered":"http:\/\/www.foreclosuredeals.com\/wp\/?p=5825"},"modified":"2010-03-30T09:09:26","modified_gmt":"2010-03-30T13:09:26","slug":"flocks-of-buyers-rushed-to-buy-chicago-cheap-homes","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/488855","title":{"rendered":"Flocks of Buyers Rushed to Buy Chicago Cheap Homes"},"content":{"rendered":"

Sales of Chicago cheap homes<\/a> soared in February this year compared to total home resales in February last year, as buyers snapped up low-priced distressed properties<\/a> in the area.<\/p>\n

\"Flocks<\/div>\n

In February, total resales of single-family homes<\/a> and condo units in the Chicago metro area shot up by 32 percent compared to February last year, based on sales figures from the Illinois Association of Realtors. With sales largely driven by repossessed houses for sale<\/a>, it was the eighth straight month that home resales increased year-over-year.<\/p>\n

Home resales within Chicago were even higher as more residential properties<\/a> went through private and public foreclosure auctions in Chicago<\/a>. Resales of homes within the city shot up by 41.5 percent in February compared to February 2009, marking the sixth straight month that home resales increased year-over-year.<\/p>\n

Over the five-month period from September last year to February this year, the sales price median for homes within the city of Chicago has plunged sharply by a total of 21.6 percent from $225,000 to $176,500.<\/p>\n

In the larger Chicago metro area, the sales price median fell by 17 percent from the September median of $199,000 to $165,000 in February. It was this sharp price fall that attracted a lot of home buyers and triggered a nearly 42-percent increase in sales of Chicago cheap homes in February.<\/p>\n

Sales of condo units also shot up within the city, posting a 44-percent increase compared to condo sales in February 2009.<\/p>\n

According to local housing analysts, homeowners planning to sell their properties this spring are discouraged because of the continued fall in prices. They know they can never compete with the bargain prices of distressed properties.<\/p>\n

Dave Hanna, co-owner of a real estate firm, added that it is even more difficult to compete with distressed properties in great move-in condition.<\/p>\n

Similarly, top real estate executive John D\u2019Ambrogio said that there are now a lot of well-maintained foreclosures priced at $1 million and more people now are looking for foreclosure properties. While in the past, buyers were hesitant to look at foreclosures because these structures typically have damages and defects, now many foreclosed houses<\/a> are well-maintained and looking great.<\/p>\n

Home prices will rise again in Chicago if the foreclosure inventory is cut down. But signs point to further increases in foreclosures as unemployment worsens and loan modifications fail. The number of Chicago cheap homes is expected to surge as Chicago has been mirroring the 48-percent share of distressed sales nationwide.<\/p>\n","protected":false},"excerpt":{"rendered":"

Sales of Chicago cheap homes soared in February this year compared to total home resales in February last year, as buyers snapped up low-priced distressed properties in the area. In February, total resales of single-family homes and condo units in the Chicago metro area shot up by 32 percent compared to February last year, based […]<\/p>\n","protected":false},"author":4632,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-488855","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/488855","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/4632"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=488855"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/488855\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=488855"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=488855"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=488855"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}